UCFC Reports Record 2Q Income of $10.5M
YOUNGSTOWN, Ohio – United Community Financial Corp., the holding company of Home Savings Bank, reports record second-quarter income of $10.5 million, or diluted earnings per share of 21.5 cents.
This surpasses out first-quarter net income of $8.6 million, or 17.7 centers per share, and the $9.5 million net income, or 19 cents per share, posted in the second quarter of 2018.
In a statement, UCFC President and CEO Gary Small said: “Balanced improvements in commercial banking, residential mortgage and our consumer business produced a very strong 9.9% net income improvement for the quarter versus the same period last year … Excellent earnings growth and an accelerated stock repurchase program combined to deliver EPS growth of 13%. Based on the strength and momentum of our performance, the board approved a 14% dividend increase. Capital management will remain a strategic priority as we are focused on delivering top tier returns for our shareholders.”
Key performance ratios for the quarters ended June 30, March 31 and June 30, 2018 include:
- Return on average equity: 13.22%, 10.99%, 12.56%.
- Return on average assets: 1.48%, 1.22%, 1.4%.
- Net interest margin: 3.33%, 3.38%, 3.36%.
- Efficiency: 55.37%, 62.29%, 57.75%.
Total assets were reported at $2.87 billion as of June 30, up from $2.77 billion the previous quarter.
Noninterest income for UCFC in the second quarter was $6.7 million, up from $6.1 million in the first quarter of 2019 and $5.9 million in the year-ago quarter.
Net interest income totaled $22.043 million, ahead of the first quarter’s $22.186 million and the second quarter of 2018’s $21.295 million.
UCFC’s loans totaled $2.326 billion, ahead of the $2.293 billion reported at the end of the first quarter and $2.207 billion in the second quarter last year.
Commercial loans totaled $974.3 million, down slightly from the previous quarter’s mark of $974.6 million but well up from the second quarter last year, when such loans totaled $900.8 million. Residential loans, meanwhile, totaled $988.9 million, ahead of the first quarter level of $979.7 million and the year-ago quarter total of $929.2 million.
Noninterest expenses – including wages, benefits, rent, data processing and Federal Deposit Insurance Corp. premiums, among others – were reported at $15.9 million, up from $15.5 million in the first quarter but down from $16.6 million in the second quarter of 2018.
Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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